You may consider assisted living when working on your loved one’s retirement budget. When you do, compare its cost to what you spend at home every month. Avoid making the mistake of comparing assisted living to the mortgage or rent. Otherwise, you may think it is cheaper to have your loved one living at home.
Consider the out-of-pocket expenses, insurance, home maintenance, taxes, and entertainment. All these are part of the assisted living costs. However, you may still think that these costs are too high. There are several factors you need to consider. These will help you control costs and give you flexibility while getting your loved one the care they need.
Services and Amenities
Assisted living offers various amenities to residents. These may come at an extra cost. However, you have the privilege to loosen or pull your purse strings. It depends on what your loved one needs or wants. There are fundamental amenities that make life easier for residents. These include dining, housekeeping, scheduled transportation, home maintenance, and activities.
Some retirement communities may break these down, while others may include them in the monthly utility fee. You can ask for a breakdown if they are part of the monthly utility fee. However, there may also be exclusive, resort-style services like private transportation or concierge services. These are not a necessity, and you can forego them.
Accommodation
Some retirement communities will have standard accommodations for residents, while others will give you a choice. You can opt for private or larger accommodations for your loved one. The accommodations may also allow one to bring a pet at an extra cost. You can control the cost by prioritizing. Private or large accommodations may not be a necessity. However, a pet may be a necessity. You can weigh your options and check your budget.
Location
You may make comparisons when choosing real estate, do the same and check the location of the retirement community. The cost of retirement homes may differ depending on whether they are in the city or suburbs. You may also realize that the total cost may depend on the state or part of the country. For example, the least expensive is Missouri, while the most costly is Delaware.
It does not mean that you move your loved one from one state to another. However, consider checking which areas are less expensive.
Care Level
Assisted living offers different care levels. You need to understand these so you can get premium services for your loved one at an affordable rate. Consider their circumstances carefully and pick the level of care that they need. That way, you can pay less as you prepare to transition your loved one to other levels of care.
Health Services
The cost of health services in assisted living is cheaper than at home. However, you may need to consider what is necessary for your loved one. It is good to give them the independence they need. Therefore, you may not need to pick round-the-clock health care, which may cost extra. Retirement communities have professional team members with the training to give health services. It is also part of the package and will help you control costs.
